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Mayo Clinic's Financial Clinic

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The Mayo Clinic’s financial department consists of six divisions: Mayo Financial Services, Treasury Services, Foundation Material Management, Foundation Accounting, Financial Planning Analysis, and Internal Audit Services. Mayo Financial Services handles collections and customer service, invoicing, providing education on the accounting systems, maintains the patient demographic information and submits electronic health care claims. Treasury Services handles the investments for the Mayo Clinic: investment management, cash management, bank relations, debt issuance, property management, and risk management. Foundation accounting handles “Tax strategy and planning, income tax compliance, and tax returns, Consolidation of financial statements, …show more content…

“The Joint Commission standards set performance expectations that affect the safety and quality of patient care. Its accreditation process evaluates an organization's compliance with these standards and other accreditation requirements” (Mayo Clinic Health System). The Mayo Clinic is also accredited in Ambulatory Care and Home Care. They are recognized by Centers for Medicare & Medicaid Services (CMS) for durable medical equipment (DME), prosthetics, orthotics and medical supplies (Quality Report). The Mayo Clinic was recognized by the Magnet Recognition Program. This program “recognizes health care organizations for quality patient care, nursing excellence and innovations in professional nursing practice”. They have been receiving this recognition since 1997 (Mayo Clinic Health System). The Mayo Clinic also has their three-year accreditation renewed by the Commission on Accreditation of Rehabilitation Facilities (CARF). CARF gives three year accreditation as "an indication of an organization's dedication and commitment to improving the quality of the lives of the persons served. The services, personnel and documentation indicate an established pattern of practice excellence" (Mayo Clinic Health System. In 2012, Mayo Clinic received the CEO Cancer Gold Standard Accreditation. The CEO Cancer Gold Standard Accreditation is recognition for working to reduce the risks …show more content…

The Mayo Clinic uses digital marketing, social media, built patient communities, use different marketing tactics, and constantly innovating. The Mayo Clinic started using digital marketing in 1997. They recognize how technology has evolved and are able to keep up with the rapid growth of technology. As we all know, the world lives and breathes social media. The Mayo Clinic uses social media to market their organization, with “over 1.28 million Twitter followers and over 867,000 likes on Facebook” (Bloom Creative, 2016). They have created a community (blog) for patients nationwide to share their experiences and stories. This helps the patients feel they are understood and provides the sense that they are not alone in their journey. By bringing in different marketing tactics, the Mayo Clinic is able to use all avenues to share information/updates more quickly. They could just write about a specific topic, but they take it a step beyond that by sharing online through Facebook, twitter, youtube, etc. The Mayo Clinic has several innovations like, mobile apps, videos (on youtube) to provide visuals on a surgery you may have coming up, and they offer virtual question and answers with real

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